THE ECONOMIC POINT OF VIEW AND THE SCOPE OF ECONOMICS

MARHSALL ONCE WROTE TO KEYNES IT IS TRUE OF ALMOST EVERY SCIENCE THAT, THE LONGER ONE STUDIES IT, THE LARGER ITS SCOPE SEEMS TO BE: THOUGH IN FACT ITS SCOPE MAY HAVE REMAINED ALMOST UNCHANGED. BUT THE SUBJECT MATTER OF ECONOMICS GROWS APACE.

 IT IS CLEAR THAT ECONOMICS COVERS A BODY OF FACTS, FIGURES, THEORIES AND OPINIONS EMBRACING A VAST RANGE OF PHENOMENA RELATED TO ONE ANOTHER ONY IN THE MOST TENOUS WAY.

 WELL AGREED AMONG THEMSELVES THAT THE OPERATIONS OF THE MERCHANT ARE OF SPECIFIC INTEREST FOR THE ECONOMIC PERSPECTIVE ON THE SOCIAL PHENOMENA.

 ENGAGED IN ECONOMIC ACTIVITY BECAUSE HE DEALS IN MATERIAL GOODS, OPERATIONS INVOLVE IN MONEY, OPERATIONS HINGE ON ACTS OF EXCHANGE, SELFISHNESS IN CALCULATING THE PROS AND CONS OF HIS DEALINGS, JUDICIOUS DISPOSITION OF SCARCE MEANS, HUMAN MOTIVES THAT CAN BE MEASURED.

 DEFINITIONS OF ECONOMIC SCIENCE HAVE TIME AND AGAIN REQUIRED PRELIMINARY DISCUSSIONS REVOLVING AROUND THE QUESTION WHETHER THE DISCIPLINE CONCERN A KIND OF MAN, OR A KIND OF OBJECT, OR A KIND OF ACTIVITY OR A KIND OF SATISFACTION OR WELFARE.

CONTROVERSY OVER UTILITY OF DEFINITION

PARETO MYRDAL AND HUTCHISON BARREN ENTERPRISE, WASTE OF TIME TO INVESTIGATE IT IS ONLY MANMADE DISTINCTION NOT TO WASTE TIME IN DEFINING ECONOMICS, IT DOES NOT APPEAR TO SOLVE, FIND SOLUTION TO ANY SCIENTIFIC SOLUTION EITHER.

CONTRARY OPINION
IT IS A WASTE OF TIME IF WE DONOT FIND THE DEFINITION DEFINITION PROVIDES , GAPS IN THE UNITY OF THEORY, INTRODUCE THE CHARACTER OF THE SCIENCE. FAULTY DEFINITION COULD DISTORT THE SCIENTIFIC INQUIRY

 IS ECONOMICS HAVE ITS OWN NATURE OR A PIE THAT EVERYONE CAN MAKE IT? THE SEARCH IS ESSENTIAL BECAUSE IT HAS NATURE OF ITS OWN.

THE ECONOMISTS AND THEIR DEFINITIONS : THE CLASSICAL ECONOMISTS

CLASSICAL WRITERS-NATURE OF ECONOMY-2 DISTINCT WAYSPOLITICAL ECONOMY AS A SCIENCE OF WEALTH. FURTHER NATURE OF THAT WEALTH WHICH MAINTAINED THE ECONOMY.

 ECONOMICS IS LIBERATED FROM ITS TIES TO WEALTH AND MATERIAL WELFARE.

THE SCIENCE OF WEALTH AND WELFARE

ECONOMICS STUDIES THE CONDITIONS GOVERNING THE PRODUCTION OF WEALTH OR THE EFFECTS OF GIVEN EVENTS ON THE EXCHANGE AND THE DISTRIBUTION OF WEALTH. CONTI.

 WRITERS OUTLINE THE SCOPE OF INQUIRIES WITH REFERENCE TO WEALTH LATER HALF OF 18TH CENTURY- THINKERS IN ENGLAND, FRANCE, AND ITALY RECOGNISE THE SUBJECT DEALING WITH COMMERCE, TRADE, MONEY, INTEREST, TAXATION, ETC..

 THE GOAL OF ECONOMICS IS TO MAKE THE NATION WEALTHY THEN IT FOLLOWS HOW A NATION WRESTS WEALTH FROM NIGGARDLY NATURE, HOW IT IS DISTRIBUTED,EXCHANGED WITHIN THE NATION BECOMES AN OBJECT OF SCIENTIFIC SCRUTINY.

 INTELLECTUAL INTEREST IN PRIVATE PROPERTY-INQUIRY INTO NATURE AND ORIGINS OF PRIVATE PROPERTY BECAME MERGES WITH THEORIES OF ORGANISATION OF SOCIETY UNDER THE SOVEREIGNTY OF THE STATE

WEALTH TO WELFARE
INSTEAD OF STUDYING THE EFFECTS OF VARIOUS MEASURES ON THE WEALTH OF A NATION, ECONOMIC ANALYSIS MAY BE VIEWED AS GOING A STEP FURTHER AND STUDYING THE WELFARE OF THE NATION AS AFFECTED BY THESE MEASURES.

 BOTH FORMULATIONS ARE CLASSIFICATORY, DEPARTMENTAL RATHER THAN ANALYTICAL MEN STRIVE TO OBTAIN THE MAXIMUM WITH THE MINIMUM OF SACRIFICE

POINT OF VIEW OF MECHANICS BY SCHUMPETER

MECHANICS WE START WITH GIVEN MASSES LOCATED IN A GIVEN SPATIAL CONFIGURATION AND ATTEMPT TO DETERMINE THE CHANGES IN MASS AND IN CONFIGURATION AT FUTURE POINTS

 MAXIMISATION OF WEALTH IS LIKE GRAVITATIONAL FORCE IN PHYSICS. CLASSICAL ECONOMISTS, WEALTH IN MATERIAL SENSE BUT IT IS SELF INTEREST WAS AN IMPERSONAL FORCE THAT EXTRACTED THIS WEALTH FROM THE FACTORS OF PRODUCTION AND PROPELLED IT THROUGH THE DISTRIBUTIVE CHANNELS OF THE ECONOMY.

 IN ECONOMICS, WE HAVE ECONOMIC QUANTITITES OF GOODS UNDERGOING MUTUALLY DETERMINED CHANGES THAT ADMIT OF BEING EXPRESSED BY MEANS OF MATHEMATICAL FUNCTIONS. IT IS THE EXISTENCE OF THESE FUNCTIONAL RELATIONSHIPS BETWEEN ALL THESE QUANTITITES THAT MAKES ECONOMIC SCIENCE POSSIBLE.

ECONOMICS, THE MARKET AND SOCIETY

A NUMBER OF CLASSICAL DEFINITIONS OF ECONOMICS IN TERMS OF WEALTH INCLUDED EXCHANGE OF WEALTH AS A DEPARTMENT OF THE SUBJECT TOGETHER WITH ITS PRODUCTION, DISTRIBUTION, AND CONSUMPTION.

 SMITHS INVISIBLE HAND DIRECTS ECONOMIC COMMUNITY TO PRODUCE MOST URGENTLY REQUIRED BY CONSUMERS LOOKING AT THE MARKET, THE OBSERVER RECOGNISES THAT THE BENEFITS OF THE DIVISION OF LABOUR IN INCREASING THE NATIONS OUTPUT. A EXCHANGE SYSTEM EMBODIED IN THE MARKET IS ONLY ONE OF SEVERAL CONCEIVABLY EFFICIENT MECHANISM TO ATTAIN THE END.

ECONOMIC AFFAIRS, MONEY, AND MEASUREMENT

MONEY MAY NOT BE THE ROOT OF ALL EVIL, BUT IT IS THE ROOT OF ECONOMIC SCIENCE. BY: WESLEY C. MITCHELL GABRIEL TARDE MONEY IS NOT A MEASURE OF WEALTH ALONE, BUT ALSO OF DESIRES AND BELIEFS, IT IS A MEASURE OF SOCIAL QUANTITIES OF WHICH WEALTH IS ONLY ONE.

 ECONOMICS EXAMINES THAT PART OF THE INDIVIDUAL AND SOCIAL ACTION WHICH IS MOST CLOSELY CONNECTED WITH THE ATTAINMENT AND USE OF THE MATERIAL REQUISITES OF WELL BEING. ON ONE HAND IT IS STUDY OF WEALTH; AND OTHER SIDE IT IS STUDY OF MAN.

 ECONOMIC ACTIVITIES WOULD BE EXPRESSED, THROUGH THE ALLOCATION OF RESOURCES, IN THE VISIBLE PHENOMENA OF MARKET

MONEY AND PRICE ECONOMICS

PRICES ARE THE COROLLARIES OF ACTS OF EXCHANGE-ITS IS WHOLE STRUCTURE OF PRICES-THE INTERRELATIONSHIPS BETWEEN DIFFERENT PRICES IN THE SAME MARKET AND BETWEEN PRICES AT DIFFERENT TIMES.

 THE PRODUCER AND CONSUMER ARE ALIKE GUIDED BY MONEY PRICES TO ADJUST THEIR ACTIONS IN THE MOST ADVANTAGEOUS WAY TO THE REAL CONDITIONS OF THE MARKET.

ECONOMICS AND ECONOMIZING

ROBBINS IS THE SCIENCE WHICH STUDIES HUMAN BEHAVIOUR AS A RELATIONSHIP BETWEEN ENDS AND SCARCE MEANS WHICH HAVE ALTERNATIVES USES.

4 FUNDAMENTAL CHARACTERISTICS
ENDS ARE VARIOUS TIME AND THE MEANS FOR ACHIEVING THESE ENDS ARE LIMITED TIME AND MEANS HAVE ALTERNATIVE APPLICATIONS ENDS HAVE DIFFERENT IMPORTANCE

 CARL MENGER 1872 THE REQUIREMENTS OF MEN FOR GOODS ARE GREATER THAN THE QUANTITITES AVAILABLE TO THEM. SCHAFFLE AND COHN SATISFACTION OF MATERIAL WANTS, MAY BE CONSIDERED AS ECONOMIC, BUT FOR ANALYSIS NECESSARY TO CONFINE ATTENTION TO SCARCE GOODS.

 DETERMINATE SOLUTIONS OF ECONOMIC PROBLEMS, IT IS FOUND, ARE YIELDED ONLY WHEN SCARCE GOODS ARE INVOLVED. WALRAS-THE MU CONCEPTMAXIMISATION- CLEAR RECOGNITION TO THE FACT THAT SUPPLY LIMITATIONS ARE INCLUDED AND EXPRESSED IN IT.

 IN PRESSING THE SCARCITY OF MEANS INTO SERVICE AS THE VERY CORE OF EVERYTHING ECONOMIC AND BY DISCOVERING EFFECTS OF COPING WITH SUCH SCARCITY AN ECONOMIC ASPECT TO ACTIVITY IN GENERAL.

ECONOMIZING VS MAXIMISATION
THE IDEA OF PRICE AND EXCHANGE AT THE MARGIN SUBJECT MATTER OF ECONOMICS.